Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Business & MarketsCitigroupCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS News
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DA Says Elon Musk’s Tweet Related to Tech CEO’s Murder Is ‘Irresponsible’
April 14, 2023
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Business & MarketsCaliforniaCompaniesCrime and IncidentsElon MuskMedia & Big TechPublic SafetyRegional & State NewsSan Francisco crimeSan Francisco PoliceSocial MediaState NewsTechUSUS News
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San Francisco District Attorney Brooke Jenkins denounced a social media post shared by Tesla founder and Twitter CEO Elon Musk in relation to the recent stabbing murder of Cash App founder Bob Lee. Lee, a 43-year-old tech executive, died at a hospital after being found wounded on a sidewalk in a San Francisco suburb earlier…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
WSJ Reporter’s Parents Speak Out for First Time Since Son’s Arrest in Russia
April 14, 2023
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Business & MarketsCompaniesEuropeEvan GershkovichMedia & Big TechRussiaRussia-Ukraine WarThe Wall Street JournalUSWorld
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The parents of Wall Street Journal reporter (WSJ) reporter Evan Gershkovich have spoken out for the first time since their son’s arrest in Russia. Russia detained Gershkovich on March 29 on espionage charges, which The Wall Street Journal denied. The detainment was “a shock,” his mother Ella Gershkovich told WSJ in a video interview published on…
New Tech Transforms Sea Water Into Hydrogen Fuel for Cars
April 14, 2023
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Business & MarketsCompaniesElectric carsenergyEnvironmenthydrogen carhydrogen fuelScienceScience NewsTechTech NewsUS
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Researchers have come up with a new system that turns seawater into hydrogen fuel—a development that could aid in the proliferation of hydrogen fuel cell vehicles. The new method extracts hydrogen from the ocean by funneling seawater through a double membrane system, using electricity. The design was successful in generating hydrogen gas without the accompaniment…
JPMorgan Chase Profits Jump 52 Percent Amid Banking Turmoil
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationJPMorganMarketsprofitsrecessionresultsstocksUSUS News
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JPMorgan Chase & Co. posted a 52 percent jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month….
Wall Street Opens Lower as Retail Sales Data Offsets Earnings Cheer
Wall Street’s main indexes opened lower on Friday as weak retail sales data for March suggested the economy was losing steam, while upbeat earnings from a trio of big U.S. banks helped assuage fears of further stress in the sector. The Dow Jones Industrial Average fell 47.98 points, or 0.14 percent, at the open to…
Twitter Allowing Users to Monetize Content Through Subscriptions
Twitter will allow users to apply to monetize their content—including long-form text and hours-long videos—through follower subscriptions in the latest change to the social media platform. “Apply to offer your followers subscriptions of any material, from long-form text to hours-long video! Just tap on ‘Monetization’ in settings,” Twitter CEO Musk wrote in a tweet on April 13. The…
Global Stocks Rise After US Inflation Cools
April 14, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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BEIJING—Global stock markets rose Friday after U.S. inflation eased in March and China reported strong exports. London and Frankfurt opened higher. Shanghai, Tokyo, and Hong Kong advanced. Oil prices rose. Wall Street futures were lower, giving up part of Thursday’s gains after U.S. inflation at the wholesale level slowed more than expected. Asian markets were…
JPMorgan Accused of Knowing About Epstein Accusations 7 Years Before Dropping Him as Client
JPMorgan Chase knew about Jeffrey Epstein’s sex trafficking accusations for years before dropping him, according to new legal filings. The lawsuit alleges that the bank knew about the accusations against the now-deceased convicted sex offender and financier—namely, paying to have underage girls and young women brought to his home since 2006. Mary Erdoes, the current head…
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